Transcription of Managing Risks in Third-Party Payment Processor Relationships
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Managing Risks in Third-Party Payment Processor Relationships
3 Supervisory Insights Summer 2011 Managing Risks in Third-Party Payment Processor RelationshipsDuring the past few years, the Federal Deposit Insur-ance Corporation (FDIC) has observed an increase in the number of deposit Relationships between financial institutions and Third-Party Payment processors and a correspond-ing increase in the Risks associated with these Relationships . Deposit rela-tionships with Payment processors can expose financial institutions to Risks not present in typical commer-cial customer Relationships , including greater strategic, credit, compliance, transaction, legal, and reputation risk. It was for this reason in 2008 that the FDIC issued Guidance on Payment Processor Relationships which outlines risk mitigation principles for this type of higher-risk many Payment processors effect legitimate Payment transactions for a variety of reputable merchants, an increasing number of processors have been initiating payments for abusive telemarketers, deceptive online merchants, and organizations that engage in high risk or illegal activities.
not bear the signature of a person on whose account the payments are drawn. In place of the signature, the RCC bears the account holder’s printed or typed name, or a state-ment that the accountholder’s signa- ... party payment processor relationships . processor).
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